S&P assigns Invitel B+, notes B-

Standard & Poor's said it assigned its B+ long-term corporate credit ratings to Invitel Holdings NV and its B- long-term junior subordinated rating to Invitel Holdings' proposed €125 million floating rate PIK notes due 2013.

The outlook is negative.

The agency said that the rating on Invitel Holdings reflects the rating on its wholly owned operating subsidiary, Magyar Telecom BV (Invitel Zrt.).

The distribution of cash to the holding company is currently limited by the covenants of the existing secured bank facility of the operating company and of the existing notes, S&P said, noting it expects no meaningful dividends to the holding company before 2008.

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